Following a week of severe market volatility caused by China’s crypto prohibition, Bitcoin’s value increased by 4.35 percent on Tuesday. The most valuable cryptocurrency in the world is now trading at Rs. 38,15,086 (about $51,160).
Bitcoin has been able to break the $50,000 barrier for the first time since August 22, 2021. The cryptocurrency has already begun to show signs of revival at the start of this week. On Monday, October 4, Bitcoin began trading at Rs. 36,53,453 (approximately $49,285), indicating a significant increase in its exchange value from Friday, October 1, when it was valued at Rs. 34,23,691 (about $46,082).
Greens dominated cryptocurrency price tracking, and Ether was no exception. The world’s second most valuable cryptocurrency started trading at Rs. 2,61,161 (approximately $3,502), a rise of 0.84 percent.
Last week, the Ethereum blockchain-based cryptocurrency also succumbed to market volatility, recording more losses than gains. Ether, for example, has lost 2.16 percent of its value in the last day.
Dogecoin, a meme-based cryptocurrency, began with a big price increase of 11.19 percent. Its value has risen to Rs. 18.60 (about $0.25).
Cardano, Tether, and Ripple are just a few of the famous cryptocurrencies that have seen their prices rise.
“The bitcoin market started the new week on a positive note. Most of the biggest cryptos have had a steady session over the last 24 hours. “Stability is undoubtedly a healthy indication for the market, with total traded volumes going steadily higher,” Edul Patel, CEO and Co-founder of crypto-investment platform Mudrex, told news outlets.
According to former NSA whistleblower Edward Snowden, China’s prohibition on crypto-activities really strengthened Bitcoin. Bitcoin enthusiasts had remained optimistic that the cryptocurrency will rebound quickly following China’s crypto-crackdown, and latest data have shown them correct.
Meanwhile, Bitcoin has recently been warmly received in many regions of the world.
El Salvador, a Central American country, proclaimed Bitcoin legal money alongside the US Dollar, the country’s official currency, earlier this month.
Miami, Florida, has also launched its first native crypto currency, the “MiamiCoin,” which is based on Bitcoin technology.
El Salvador and Miami officials are now looking at methods to reduce the large quantity of carbon emissions connected with Bitcoin mining.